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CISI ICWIM Exam Syllabus Topics:

Section	Weight	Objectives
Risk and Return	20%	- Portfolio theory 1. Modern portfolio theory 2. Risk-return profiling 3. Asset allocation principles - Risk concepts 1. Risk measurement 2. Risk diversification 3. Types of investment risk
Client Advisory	25%	- Client needs analysis 1. Investment objectives 2. Risk profiling and suitability 3. Time horizons - Portfolio construction 1. Asset allocation strategies 2. Portfolio review and rebalancing 3. Performance measurement
Regulation and Ethics	15%	- Regulatory framework 1. Compliance requirements 2. Financial regulation principles 3. Investor protection - Ethical conduct 1. CISI Code of Ethics 2. Conflict of interest 3. Professional responsibilities
Market Environment	20%	- Role and function of financial markets 1. Types of financial markets and their roles 2. Market indices and benchmarks 3. Market participants and intermediaries - Economic environment 1. Interest rates and inflation 2. Macroeconomic factors affecting investments 3. Business cycles
Financial Products	20%	- Collective investments 1. Fund selection criteria 2. Funds and structured products 3. ETFs and index trackers - Bonds and fixed income 1. Credit risk 2. Yield and price relationships 3. Bond types and characteristics - Equities and shares 1. Valuation methods 2. Dividends and total return 3. Types of equity

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CISI International Certificate in Wealth & Investment Management Sample Questions (Q239-Q244):

NEW QUESTION # 239
What term is used to describe a situation where clients give investment instructions to a firm without being given advice to do so?

A. Discretionary
B. Non-discretionary
C. Execution only
D. Robo-advice

Answer: C

Explanation:
Execution-only refers to situations where clients make investment decisions without receiving advice from the firm. The firm's role is limited to executing the client's instructions, without providing recommendations or assessing suitability.
Key features:
The firm does not offer advice.
The client takes full responsibility for their investment decisions.
Reference:
ICWIM, Topic: Types of Investment Advice and Regulatory Frameworks.
FCA Handbook, Conduct of Business Sourcebook (COBS).

NEW QUESTION # 240
In a perfect free market, price is determined by:

A. The government
B. The interaction of supply and demand curves
C. Consumers who are prepared to shop around
D. Producers manufacturing below marginal cost

Answer: B

Explanation:
In a perfect free market, prices are set through the interaction of supply and demand. Demand represents how much consumers are willing and able to buy at different prices, while supply represents how much producers are willing and able to sell at different prices. The market price is established at the equilibrium point where quantity demanded equals quantity supplied. If the price is above equilibrium, there is excess supply and competitive pressure tends to push prices down. If the price is below equilibrium, there is excess demand and buyers bid prices up. In this framework, no single participant can dictate the price, and there is no need for government intervention to set it. Consumers shopping around and producers' cost structures influence demand and supply, but they do so indirectly by shifting or moving along the curves rather than directly determining price. The key examinable concept is that equilibrium price emerges from the market clearing mechanism, reflecting collective preferences and production conditions. This is the foundation for understanding how shocks, taxes, subsidies, and regulation alter outcomes by shifting supply and demand.

NEW QUESTION # 241
According to Modern Portfolio Theory (MPT), portfolios below the efficient frontier are not efficient because:

A. They attract additional charges
B. A greater return could be achieved for the same risk
C. The investor assumes proportionately higher risk for lower incremental returns
D. Risk-free assets are not profitable

Answer: B

Explanation:
* Modern Portfolio Theory (MPT) and the Efficient Frontier
* The efficient frontier represents portfolios that offer thehighest return for a given level of risk.
* Portfolios below the frontier areinefficientbecause they providelower returns for the same level of riskorhigher risk for the same level of return.
* Why the Answer is D
* Portfolios below the efficient frontier are suboptimal; the investor is not maximizing return relative to the risk taken.
* ICWIM Study Guide, Chapter on Portfolio Theory: Discusses the efficient frontier and inefficiency of suboptimal portfolios.
* MPT Literature: Explains risk-return optimization.
References

NEW QUESTION # 242
Which of the following investments is most suitable for a customer who desires income rather than capital gain and who is risk-averse?

A. High coupon short-dated gilts
B. Low coupon long-dated gilts
C. Convertible preference shares
D. Deferred shares

Answer: A

Explanation:
* Why High Coupon Short-Dated Gilts?
* Gilts are UK government bonds and are considered low-risk investments.
* High couponprovides a steady income stream, ideal for income-seeking investors.
* Short-datedgilts reduce interest rate risk, suitable for risk-averse clients.
* Why the Other Options are Incorrect
* A. Low coupon long-dated gilts: Offer lower income and are more sensitive to interest rate changes, increasing risk.
* C. Deferred shares: Generally high-risk and designed for capital growth, not immediate income.
* D. Convertible preference shares: More volatile and often tied to company performance, unsuitable for risk-averse clients.
* ICWIM Study Guide, Chapter on Fixed-Income Securities: Highlights the suitability of gilts for income-seeking, risk-averse investors.
* UK Bond Market Analysis: Confirms the low-risk nature of short-dated gilts.
ReferencesThus, the correct answer isB. High coupon short-dated gilts.

NEW QUESTION # 243
Which of the following is a money laundering offence?

A. Avoiding
B. Producing
C. Developing
D. Concealing

Answer: D

Explanation:
Money laundering is the process of disguising the origins of illegally obtained money to make it appear legitimate. Concealing assets derived from criminal activities is a criminal offence under anti-money laundering (AML) laws.
* Definition: "Concealing" means hiding or disguising the true nature, location, source, ownership, or control of funds derived from criminal activity.
* Legal Framework: The Financial Action Task Force (FATF) and UK Proceeds of Crime Act 2002 (POCA) classify "concealing" as an offence.
* Three Stages of Money Laundering:
* Placement: Introducing illicit funds into the financial system.
* Layering: Concealing the source via multiple transactions.
* Integration: Reintroducing "cleaned" funds into the economy.
# Reference: CISI Wealth & Investment Management (AML), FATF Guidelines, UK POCA 2002.

NEW QUESTION # 244
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